JPMorgan upgraded Alcoa (AA) to Neutral from Underweight with a price target of $68, up from $50. Since the conflict in Iran began, aluminum prices have rallied 12% on regional supply risk, the analyst tells investors in a research note. The firm says any prolonged conflict is likely to result in additional force majeure declarations followed by smelter curtailments, which could take at least quarters to re-ramp. JPMorgan cites aluminum supply risk for the upgrade of Alcoa. It sees a more balanced risk/reward at current share levels.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on AA:
- Alcoa price target raised to $70 from $48 at UBS
- Alcoa price target raised to $68 from $64 at Wells Fargo
- The Week That Was, The Week Ahead: Macro and Markets, Mar. 8
- Alcoa’s Ma’aden Stake Adds Earnings Volatility as Share Price Risk Threatens 2025 Mark-to-Market Gains
- Alcoa price target raised to $42 from $38 at BofA